Grand Central

The Beaux-Arts masterpiece that lends its name to the eponymous Midtown submarket.

Grand Central Submarket Overview

Home to some of New York City’s most iconic buildings – including Grand Central Station, which of course lends its name to the submarket – Grand Central is one of Manhattan’s most important – and desirable – commercial real estate locations. Built in 1913 and designed by Reed and Stern and Warren and Wetmore, the Beaux-Arts Grand Central Station is actually the sixth-most visited tourist attraction in the world and a National Historic Landmark. But although easy rail access to Westchester, Connecticut, and, soon, Long Island (thanks to the MTA’s massive East Side Access project), that’s not the only attraction that draws commercial office tenants to the Grand Central submarket.

The Grand Central submarket is home to some of New York City’s most timeless pre-war office buildings, from the Chrysler Building and the Chanin Building to the American Radio Tower: Raymond Hood’s art deco masterpiece. Many other buildings have received extensive building infrastructure upgrades in connection with lobby and façade renovations that have repositioned them as Class A towers suitable for doing business in the twenty-first century.

Grand Central Inventory, Vacancy Rate, & Asking Rents

Overall current inventory in the Grand Central submarket is approximately 43 million square feet, making it the largest submarket in Midtown. As of the first quarter 2012, the vacancy rate was just over 10 percent. Average asking Class A rents are in the neighborhood of $57 per square foot, while average asking rents are barely lower at $56 per square foot.

Map of Grand Central Office Properties

Current LEED-certified, Energy Star-rated, and historic commercial office buildings in the Grand Central submarket are displayed below. You can use the options tab to expand your search into other New York City submarkets.